Hey guys,
Inbound m7 student, currently JD student at the same school. Goal is RX work.
Are there any notable RX offices in Texas? I see quite a few BB offices there, but not sure what's RX vs. O&G M&A.
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Based on the most helpful WSO content, Texas does have some notable RX activity, but it is more niche compared to other regions like New York or Chicago. Here's a breakdown:
Houston: Primarily dominated by industrials and energy, with some RX work tied to the energy sector. Firms like HLHZ have been moving some of their NY RX bankers to Houston, and Lazard has also strengthened its RX practice there. However, much of the focus remains on O&G M&A.
Dallas: While Dallas is more known for credit, real estate, and energy, there is some RX presence. HL has an RX-specific internship in Dallas, which could be worth exploring.
Austin: This market is more tech and real estate-focused, with limited RX activity.
If your goal is RX work, you might find better opportunities in cities like New York or Chicago, where RX groups are more established. However, Texas could still offer niche opportunities, especially if you're interested in energy-related restructuring. Networking with professionals in these offices and leveraging your M7/JD background will be key.
Sources: Choosing RX over M&A -- anyone recommend this?, Texas Business Outlook (Austin, Dallas, Houston), Personal Experience with Houston Energy IBD - Thoughts on Industry Outlook? (Long Post), Top Industrials Shops in Chicago - Top IB Chicago, Jefferies SA 2023
Only Rx office in Texas is HL. There might be a Moelis group that handles Rx as well. But not sure how they’re structured.
Both Houston and Dallas for HL? Do you know if the RX practices are particularly large? I'm sure nothing like LA/NY for HL. But a 10 person office probably isn't ideal for employment prospects.
Moelis is unique in that coverage groups get staffed on debtor mandates but will add Rx people if it’s very hairy. Not sure how they do creditor but would assume it would be all Rx.
Yea echo above. I think outside of HL you probably aren't going to get an rx specific job. More likely to be generalist and if an RX mandate comes along you can try to work on it. Know that TPH&Co does RX but again they just do a broad mandate and I don't think it is very common. Better to target RX jobs in NYC.
It depends on the market. I know for a fact EVR hasn’t touched a RX deal for a year at least, but when prices were low, 9/10 deals were RX or distressed M&A
There’s a small Oppenheimer RX group that sits in Dallas
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